EBA Clearing's large-value hybrid payment system reached its highest monthly averages of 2025 in December, processing 207,642 transactions per day worth €207 billion. The system enters 2026 with 36 direct participants and 34 directly addressable sub-participants, the latter growing from 28 as non-bank PSP access pathways expanded.

TARGET T2, EURO1, and STEP2-T will close for Good Friday and Easter Monday on April 3 and 6, while RT1 and TIPS continue 24/7 instant settlement through the four-day window at their current combined rate of over 10 million daily transactions. With six months of IPR sending mandate compliance behind the market, the Easter period offers a practical measure of how effectively instant rails now absorb payment flows that previously depended on batch settlement schedules.

EBA Clearing's EURO1 processed approximately 190,884 transactions per day at €188 billion through 2025, completing the transition to exclusive ISO 20022 operation in November while maintaining steady year-over-year growth. January 2026 figures show 3.7 percent volume growth and 8.3 percent value growth compared to January 2025, suggesting rising average transaction sizes as smaller commercial payments migrate to instant rails.

EBA Clearing statistics reveal that RT1 average daily settlement values rose from 2.4 billion euros in January 2025 to 7 billion euros in December 2025, a 192 percent increase that far outpaced the 67 percent growth in transaction volumes over the same period. The October 2025 inflection point, when the IPR sending mandate and SCT Inst maximum amount increase took effect simultaneously, marks the moment instant payments began moving from a predominantly consumer channel to a corporate payment rail.

Understanding these models is essential for anyone working in payments - whether you are integrating with a new market's infrastructure, evaluating settlement risk, or simply trying to understand why a payment "cleared" but hasn't "settled.".